CBIS 2220 EXAM 1 QUESTIONS AND
ANSWERS VERIFIED SOLUTIONS 2024
Business - ANSWER -Trading something of value for something of value
-Exchange to gain a monetary gain
-Money = a universal payment
Corporate Driven Economy - ANSWER -Group of people acting as a single entity
-Goal: make more money; sell more and reduce costs
-Separate legal entity to do business with
Automation - ANSWER -The use of technology to ease human labor or to extend the mental or physical
capabilities of humans.
Information and Data - ANSWER -The use of computers to store data and process it into useful material
-Data is facts and statistics collected for analysis
Five-Component Framework - ANSWER -Hardware: computers, servers, printers, scanners
-Software: programs, website, database
-Data: raw taxes and figures
-Procedure: how to use networking
-People:
Information Systems and MIS - ANSWER -Data organized in a way that makes it easy to understand
-Knowledge derived from data
-Spans every aspect of business
Value - ANSWER -The subjective idea that something is worth something
-What someone is willing to pay and what someone is willing to take in a transaction
-"Create value"
ANSWERS VERIFIED SOLUTIONS 2024
Business - ANSWER -Trading something of value for something of value
-Exchange to gain a monetary gain
-Money = a universal payment
Corporate Driven Economy - ANSWER -Group of people acting as a single entity
-Goal: make more money; sell more and reduce costs
-Separate legal entity to do business with
Automation - ANSWER -The use of technology to ease human labor or to extend the mental or physical
capabilities of humans.
Information and Data - ANSWER -The use of computers to store data and process it into useful material
-Data is facts and statistics collected for analysis
Five-Component Framework - ANSWER -Hardware: computers, servers, printers, scanners
-Software: programs, website, database
-Data: raw taxes and figures
-Procedure: how to use networking
-People:
Information Systems and MIS - ANSWER -Data organized in a way that makes it easy to understand
-Knowledge derived from data
-Spans every aspect of business
Value - ANSWER -The subjective idea that something is worth something
-What someone is willing to pay and what someone is willing to take in a transaction
-"Create value"
